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- Asian session review: USD weakens as investors await U.S. August jobs data
Asian session review: USD weakens as investors await U.S. August jobs data
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 01:00 | Australia | MI Inflation Gauge, m/m | August | 0.4% | 0.5% | |
| 01:00 | New Zealand | ANZ Business Confidence | August | -3.8 | -14.2 | |
| 01:00 | China | Non-Manufacturing PMI | August | 53.3 | 47.5 | |
| 01:00 | China | Manufacturing PMI | August | 50.4 | 50.2 | 50.1 |
| 01:30 | Australia | Private Sector Credit, y/y | July | 3.1% | 4.0% | |
| 01:30 | Australia | Private Sector Credit, m/m | July | 0.9% | 0.7% | |
| 01:30 | Australia | Building Permits, m/m | July | -5.5% | -5% | -8.6% |
| 01:30 | Australia | Current Account, bln | Quarter II | 18.9 | 21 | 20.5 |
| 05:00 | Japan | Construction Orders, y/y | July | 32.3% | -3.4% | |
| 05:00 | Japan | Housing Starts, y/y | July | 7.3% | 4.8% | 9.9% |
| 05:00 | Japan | Consumer Confidence | August | 37.5 | 36.7 | |
| 06:00 | United Kingdom | Nationwide house price index, y/y | August | 10.5% | ||
| 06:00 | United Kingdom | Nationwide house price index | August | -0.5% | ||
| 06:45 | France | Consumer spending | July | 0.3% | -0.5% | -2.2% |
| 06:45 | France | CPI, m/m | August | 0.1% | 0.4% | 0.6% |
| 06:45 | France | CPI, y/y | August | 1.2% | 1.7% | 1.9% |
| 06:45 | France | GDP, q/q | Quarter II | 0.0% | 0.9% | 1.1% |
USD depreciated against other major currencies in the Asian session on Tuesday, as investors’ focus shifted towards the U.S. August jobs data, which would be released on Friday and could provide clues on the Fed’s taper timing.
The U.S. Dollar Index (DXY), measuring the U.S. currency's value relative to a basket of foreign currencies, fell 0.17% at 92.50.
Progress on employment is crucial for the U.S. central bank. In an address to the Fed's annual Jackson Hole policy symposium last week, the Fed’s Chairman Jerome Powell suggested that he would like to assess incoming data on the labor market before committing to a taper timeline. That means the August jobs report could be more consequential than usual.
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